By Stephen Rousseas (auth.)

In this publication Stephen Rousseas provides a serious evaluation of a few of the important issues of put up Keynesian financial economics. As Rousseas sees it, publish Keynesian financial economics rejects the neoclassical and monetarist apporaches. the money offer is visible as a functionality of nominal source of revenue instead of the opposite direction around.

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63. 9. "The General Theory of Employment," p. 216. 10. Shackle, Years of High Theory. 11. General Theory, Preface, p. viii, italics supplied. 12. For a useful survey of the various attempts to introduce money into modern growth theory, see Jac. J. Sijben, Money and Economic Growth (Leiden: Marinus Nijhoff, 1977), and my review in Kyklos, Fasc. I, 1978. 13. See his collected essays in Can "It" Happen Again? (Armonk, N. : M. E. , 1982). 14. , Keynes' General Theory: Reports of Three Decades (New York: St.

Equation (6), moreover, is a straight line through the origin, the slope of which represents a constant transactions velocity of money (VI). L/ = ma. 1 plots equations (5) and (6). , potential points at which the system is at rest after the dust of getting there has settled. Which particular point on the L t curve will prevail at anyone time depends on the location of the LT curve-which in turn depends on the values assumed for the various parameters in equation (5). Given these parameters, which also yield the corresponding equilibrum level of output (Ye ) by equation (3), the intersection point of the two curves is preordained.

1 from point A to point D-where the corresponding equilibrium level of output is Ye'. 1 ALr is shown as the segment AC which is the sum of AB and Be, with AB representing ALI = illr and BC representing ALt = milY. In short, the new equilibnum position at point D cannot be reached unless the central bank fully and automatically accommodates not only the finance demand for transactions balances (AB), but the induced demand for money (BC) as well. The important point is that at D the economy is once again in a "stable" equilibrium position where the' 'temporary" financial demand for money (having been met and then some by the central bank) now disappears from view, and the total demand for money is once again equal to its supply-there being, as at point A, no remaining excess demand to be satisfied by a compliant central bank now holding the money supply fixed at that level consistent with Ye'.

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